State Housing Finance Agencies in Alabama, Tennessee, Georgia, and Mississippi are relying on IRS Revenue Procedure 2007-54 to provide relief for owners and tenants affected by recent flooding and tornados. The Procedure provides temporary relief from carryover allocation rules, recapture, and compliance monitoring requirements for LIHTC projects damaged in presidentially declared disaster areas. The Procedure also permits owners of LIHTC properties to temporally housed displaced low-income individuals.
Owners in these states should contact their State Agency for additional information on the requirements within those states.